Every prosperous family faces the ultimate test; “How do we prepare our children to find fulfilment in life, whilst equipping them with the skills to successfully preserve the family’s wealth?”
Bringing up children in the context of wealth is an enormous challenge. We advise mothers and fathers on the complex parenting challenges they face. We equally educate children to prepare themselves for the wealth they will inherit.
Major financial crises occur approximately once every eight years. Educating the next generation to be effective stewards of a family fortune is of paramount importance.
Oxford Place works with families to educate the next generation in terms of their investing mindset, improving their technical skills and supervising their overall management of the family’s financial capital.
We all know growing up is hard to do – for both children and their parents.
A number of common parental concerns are presented to us with alarming frequency, all of which must be managed to ensure a successful estate transition.
The speech bubbles below contain examples of the most common concerns we help parents address.
How do we educate our children to manage the fact that the world might see them as their ‘wealth’ before it sees them as a person?
How can we help our children see wealth as a source of freedom. When it so often seems like the shackles which bind them?
How can we prepare our children for the responsibility of the wealth they will inherit?
How can we empower our children when their environment and mindset are so different to our own?
How do I treat my children equally when their interest levels are not equal?
How do we successfully integrate our children’s husbands and wives into the family, when they are all such different characters?
How do I educate my children to learn outstanding investment skills?
What can we do to ensure our family values transition along with our family wealth?
How can we ensure that our children sensibly control and manage the wealth, rather than let it control them?
Is it possible to prepare our heirs to see the wealth as theirs to steward for future generations?
How do I assess which role each of my children will perform in the family’s future?
How can I have my children respect my judgement and wisdom in the same way people do in business?
How do I help my children prepare for the time when they are my age and there are so many more cousins than in their generation?
How can I tell whether my children are responsible enough to learn about my plans for the future?
Without realizing it, the majority of parents devote far more time to preparing the legal aspects of estate transition than preparing their heirs for the consequences of those documents; let alone consulting the heirs in sufficient detail to enable them to successfully manage the family’s wealth for future generations.
By working through the ten areas outlined in the checklist graphic, families are able to weigh the likelihood of a successful transition significantly in the family’s best interests.